the big government problem. >> if the government were to fail to raise the debt ceiling, you would see an immediate panic in the market... >> white house showdown with house republicans... >> narrator: at the white house, treasury secretary timothy geithner knew just how serious cantor's threat was. >> geithner says, "we could trigger a depression worse than the 1930s. it will be indelible. it will be... it will last for generations." tim geithner is one scared secretary of the treasury. >> when secretary geithner and the rest of us spoke to the president, we were very clear. a default would be unprecedented in our country. it would absolutely lead to a serious downgrading of our credit rating. >> narrator: geithner said they had only weeks to act before the country ran out of money. >> geithner believes very strongly that we must get a deal. you cannot let this thing unravel. the markets will react terribly. >> narrator: the president got the message. he knew he had to sort it out with congress, find a partner. maybe the speaker of the house. >> obama told his staff john boehner is a